Top 40 supplier Gildan (asi/56842) increased net sales and earnings per share during 2018 and in the final quarter of last year, ended Dec. 30.

According to financial data released early Thursday, revenue for the year tallied $2.9 billion, up about 5.7% from 2017. Q4 sales reached $742.7 million – a more than 13% jump from the same quarter the prior year. Diluted earnings per share for the year increased 3.1% to $1.66. For the fourth quarter, diluted EPS rose 16% to $0.29. Meanwhile, adjusted EPS for 2018 accelerated more than 8% to $1.86, while Q4 adjusted EPS soared to $0.43, a nearly 39% rise.

Glenn Chamandy, President/CEO, Gildan.

“We ended 2018 on a strong finish, meeting our full-year financial targets after successfully navigating through unanticipated weather impacts and supply chain disruptions during the year, and executing well on our organizational consolidation initiatives,” executives for Montreal-based Gildan said in a statement.

Despite the positives, the earnings data had a couple blips. Adjusted EBITDA for the year totaled $595.5 million, slightly under the low end of Gildan’s guidance range. Also, net earnings for the year of $350.8 were down about 3% -- a decline spurred, in part, by lower operating margin and increased expenses. Still, overall stronger sales offset that and adjusted net earnings rose 1.6% to $393.1 million.

In 2018, factors that helped Gildan drive revenue gains included growth in sales of fashion basics, strong double-digit growth in international and global lifestyle brand sales, new private label program wins, and the company’s success in doubling its e-commerce sales.

In the fourth quarter, sales of activewear – a category that includes the promo space – shot up more than 22% to $569 million, Gildan said. Higher net selling prices and a more diverse product mix that included strong fleece sales helped fuel the revenue surge, which was offset partially by a roughly 8% decline in hosiery and underwear revenue.

For 2019, Gildan projects year-over-year GAAP diluted EPS growth of 17% and adjusted diluted EPS growth of 10%. The firm expects sales to increase in the mid-single-digit range. Gildan noted EPS and sales could be down in the first quarter, but anticipates that they’ll pick up as the year progresses.

With estimated 2017 North American promotional product revenue of $540 million, Gildan ranks fourth on Counselor’s latest list of the largest suppliers in the industry.